Morningstar (MORN) Financials

$176.22 -0.48 (-0.27%)

Closing price 04:00 PM Eastern

Extended Trading

$176.40 +0.18 (+0.10%)

As of 05:20 PM Eastern

Annual Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	133	161	137	183	152	224	193	71	141	370	374
Consolidated Net Income / (Loss)	133	161	137	183	152	224	193	71	141	370	374
Net Income / (Loss) Continuing Operations	133	161	137	183	152	224	193	71	141	370	374
Total Pre-Tax Income	194	225	181	233	199	283	251	131	182	491	499
Total Operating Income	191	181	170	216	190	215	257	168	231	485	527
Total Gross Profit	459	454	525	609	696	833	1,001	1,091	1,195	1,379	1,493
Total Revenue	789	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446
Operating Revenue	789	799	912	1,020	1,179	1,390	1,699	1,871	2,039	2,275	2,446
Total Cost of Revenue	330	344	387	411	483	556	698	779	844	896	953
Operating Cost of Revenue	330	344	387	411	483	556	698	779	844	896	953
Total Operating Expenses	268	274	355	393	506	618	744	924	965	895	966
Selling, General & Admin Expense	107	105	130	148	211	272	318	400	356	327	334
Marketing Expense	97	98	134	149	178	206	275	357	424	441	467
Depreciation Expense	64	71	91	97	118	140	151	167	185	190	190
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-2.20
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	-64	-23
Total Other Income / (Expense), net	3.10	44	11	17	7.70	66	-6.50	-37	-49	6.50	-28
Interest & Investment Income	1.30	0.30	-3.60	3.80	11	21	-7.80	-28	-52	-38	-29
Other Income / (Expense), net	1.80	44	15	13	-3.10	45	1.30	-8.80	2.60	44	1.00
Income Tax Expense	63	64	43	48	46	60	63	57	33	104	122
Other Gains / (Losses), net	1.80	-0.20	-1.30	-2.10	-0.90	0.30	5.40	-3.60	-7.40	-17	-3.30
Basic Earnings per Share	$3.00	$3.74	$3.21	$4.30	$3.56	$5.22	$4.50	$1.65	$3.31	$8.64	$8.93
Weighted Average Basic Shares Outstanding	44.20M	43M	42.70M	42.60M	42.70M	42.90M	43M	42.60M	42.60M	42.80M	41.90M
Diluted Earnings per Share	$3.00	$3.72	$3.18	$4.25	$3.52	$5.18	$4.45	$1.64	$3.29	$8.58	$8.87
Weighted Average Diluted Shares Outstanding	44.30M	43.30M	43M	43M	43.20M	43.20M	43.40M	42.90M	42.90M	43.10M	42.20M
Weighted Average Basic & Diluted Shares Outstanding	44.20M	43M	42.60M	42.60M	42.85M	42.90M	42.96M	42.48M	42.73M	42.84M	39.58M
Cash Dividends to Common per Share	$1.55	$1.77	$1.86	$2.03	$2.26	$2.42	$2.57	$2.90	$3.03	$3.29	$3.69

This table shows Morningstar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	39	74	64	69	120	117	79	89	92	115	107
Consolidated Net Income / (Loss)	39	74	64	69	120	117	79	89	92	115	107
Net Income / (Loss) Continuing Operations	39	74	64	69	120	117	79	89	92	115	107
Total Pre-Tax Income	57	90	87	90	152	163	109	117	123	151	142
Total Operating Income	70	94	93	109	116	168	114	125	128	160	156
Total Gross Profit	313	333	325	349	347	359	351	375	376	392	406
Total Revenue	516	539	543	572	569	591	582	605	617	641	645
Operating Revenue	516	539	543	572	569	591	582	605	617	641	645
Total Cost of Revenue	203	205	218	223	223	232	231	231	242	249	239
Operating Cost of Revenue	203	205	218	223	223	232	231	231	242	249	239
Total Operating Expenses	243	239	232	241	231	191	236	249	248	232	250
Selling, General & Admin Expense	90	92	80	80	78	89	77	82	86	90	84
Marketing Expense	106	100	105	111	108	117	113	120	116	119	115
Depreciation Expense	47	47	47	49	46	48	47	49	47	47	52
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	-	0.00	-0.80	-0.50	-	-0.90
Total Other Income / (Expense), net	-13	-4.10	-5.60	-19	36	-9.10	-5.60	-8.60	-4.70	-8.70	-14
Interest & Investment Income	-13	-12	-12	-10	-8.90	-7.00	-5.40	-7.40	-7.10	-8.70	-14
Other Income / (Expense), net	0.20	7.40	5.90	-8.70	45	-2.10	-0.20	-1.20	2.30	0.10	-0.40
Income Tax Expense	17	14	21	19	30	34	27	26	31	36	35
Basic Earnings per Share	$0.92	$1.72	$1.50	$1.61	$2.79	$2.74	$1.83	$2.11	$2.18	$2.81	$2.74
Weighted Average Basic Shares Outstanding	42.70M	42.60M	42.70M	42.80M	42.90M	42.80M	42.80M	42.20M	42.10M	41.90M	39.10M
Diluted Earnings per Share	$0.91	$1.72	$1.49	$1.60	$2.77	$2.72	$1.82	$2.09	$2.17	$2.79	$2.73
Weighted Average Diluted Shares Outstanding	42.90M	42.90M	43M	43.10M	43.20M	43.10M	43.10M	42.50M	42.30M	42.20M	39.30M
Weighted Average Basic & Diluted Shares Outstanding	42.70M	42.73M	42.75M	42.84M	42.88M	42.84M	42.25M	42.18M	41.13M	39.58M	38.03M
Cash Dividends to Common per Share	$0.76	$0.75	$0.82	$0.82	$0.82	$0.83	$0.92	$0.92	$0.92	$0.93	$1.00

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	22	52	49	61	-35	88	61	-107	-39	165	-28
Net Cash From Operating Activities	242	214	250	315	334	384	450	298	316	592	590
Net Cash From Continuing Operating Activities	242	214	250	315	334	384	450	298	316	592	590
Net Income / (Loss) Continuing Operations	133	161	137	183	152	224	193	71	141	370	374
Consolidated Net Income / (Loss)	133	161	137	183	152	224	193	71	141	370	374
Depreciation Expense	64	71	91	97	118	140	151	167	185	190	190
Non-Cash Adjustments To Reconcile Net Income	15	-28	13	18	29	-11	54	110	-5.30	-27	39
Changes in Operating Assets and Liabilities, net	29	9.90	9.20	17	36	32	52	-49	-4.30	58	-13
Net Cash From Investing Activities	-80	-274	-61	-50	-746	-124	-168	-799	-82	-21	-139
Net Cash From Continuing Investing Activities	-80	-274	-61	-50	-746	-124	-168	-799	-82	-21	-139
Purchase of Property, Plant & Equipment	-57	-63	-67	-76	-80	-77	-102	-130	-119	-143	-147
Acquisitions	-11	-192	-1.00	-0.40	-682	-68	-25	-647	-0.80	0.00	-39
Purchase of Investments	-41	-49	-60	-43	-38	-63	-101	-66	-19	-23	-26
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	65	23
Divestitures	0.00	0.00	24	18	18	35	1.10	0.00	26	52	0.00
Sale and/or Maturity of Investments	30	29	42	51	36	47	59	43	31	27	46
Other Investing Activities, net	-0.20	0.10	0.60	0.10	-0.10	1.70	-0.10	-0.20	0.10	0.20	4.90
Net Cash From Financing Activities	-128	124	-158	-189	374	-182	-212	415	-278	-384	-515
Net Cash From Continuing Financing Activities	-128	124	-158	-189	374	-182	-212	415	-278	-384	-515
Repayment of Debt	-45	-15	-71	-112	-169	-476	-103	-376	-397	-364	-803
Repurchase of Common Equity	-97	-49	-42	-21	-4.90	-42	-1.30	-226	-1.40	-12	-787
Payment of Dividends	-34	-38	-39	-43	-48	-51	-54	-62	-64	-69	-77
Issuance of Debt	50	230	0.00	0.00	610	60	10	1,125	260	90	1,175
Issuance of Common Equity	3.90	0.40	0.20	0.10	0.20	352	0.00	0.00	0.00	0.00	0.00
Other Financing Activities, net	-5.60	-5.00	-4.80	-13	-15	-25	-63	-46	-76	-29	-23
Effect of Exchange Rate Changes	-13	-11	17	-15	3.00	10	-9.10	-21	-	-21	36
Cash Interest Paid	0.40	1.20	5.40	3.70	11	11	10	28	58	47	37
Cash Income Taxes Paid	50	58	47	67	63	58	81	75	73	116	172

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-18	50	16	38	162	-50	8.80	-8.00	-29	0.30	18
Net Cash From Operating Activities	131	138	94	153	192	153	91	99	196	204	92
Net Cash From Continuing Operating Activities	131	180	94	153	192	153	91	99	196	204	92
Net Income / (Loss) Continuing Operations	39	74	64	69	120	117	79	89	92	115	107
Consolidated Net Income / (Loss)	39	74	64	69	120	117	79	89	92	115	107
Depreciation Expense	47	47	47	49	46	48	47	49	47	47	52
Non-Cash Adjustments To Reconcile Net Income	15	46	3.30	31	-26	-35	13	19	17	-10	13
Changes in Operating Assets and Liabilities, net	30	15	-21	3.50	53	23	-48	-58	40	52	-80
Net Cash From Investing Activities	-21	-33	-27	-33	14	24	-71	-24	-33	-12	-384
Net Cash From Continuing Investing Activities	-21	-33	-27	-33	14	24	-71	-24	-33	-12	-384
Purchase of Property, Plant & Equipment	-29	-30	-34	-32	-36	-41	-32	-37	-36	-43	-38
Acquisitions	-	-0.80	0.00	-	-	-	-39	-0.60	-	0.10	-360
Purchase of Investments	-3.90	-9.40	-10	-3.20	-6.10	-4.00	-4.50	-13	-4.10	-4.50	-11
Divestitures	-	-	0.00	-	52	0.20	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	12	7.20	17	2.30	3.90	3.50	4.50	22	6.50	13	24
Other Investing Activities, net	-0.10	0.20	0.00	-	0.20	-	0.00	4.90	0.20	-0.20	0.00
Net Cash From Financing Activities	-120	-103	-44	-82	-60	-199	-24	-109	-188	-194	317
Net Cash From Continuing Financing Activities	-120	-103	-44	-82	-60	-199	-24	-109	-188	-194	317
Repayment of Debt	-128	-83	-113	-50	-35	-167	-40	-85	-95	-583	-32
Repurchase of Common Equity	-	-	0.00	-	-	-12	-110	-112	-170	-395	-300
Payment of Dividends	-16	-16	-17	-17	-17	-17	-20	-19	-19	-19	-20
Issuance of Debt	30	-	90	-	-	-	145	120	105	805	670
Issuance of Common Equity	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	-6.00	-4.30	-3.20	-14	-7.90	-3.70	0.00	-12	-9.00	-1.80	-0.80
Effect of Exchange Rate Changes	-7.60	-	-7.60	-0.80	16	-29	13	25	-3.90	2.00	-5.70
Cash Interest Paid	14	17	12	14	12	11	6.40	11	7.20	13	12
Cash Income Taxes Paid	14	27	13	32	22	50	14	80	40	38	27

This table presents Morningstar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,029	1,351	1,406	1,454	2,371	2,696	2,863	3,475	3,403	3,549	3,590
Total Current Assets	410	472	530	602	603	730	888	811	816	1,014	1,038
Cash & Equivalents	207	259	308	369	334	423	484	377	338	503	475
Short-Term Investments	42	45	45	27	33	42	62	38	51	48	54
Accounts Receivable	139	146	148	172	189	205	269	308	344	358	390
Prepaid Expenses	-	-	-	-	-	32	31	37	35	42	43
Current Deferred & Refundable Income Taxes	-	-	0.00	1.80	6.30	2.20	8.90	0.00	0.60	12	16
Other Current Assets	22	22	28	32	41	27	33	52	47	51	60
Plant, Property, & Equipment, net	135	152	147	144	155	155	172	199	208	219	232
Total Noncurrent Assets	485	727	729	709	1,613	1,811	1,803	2,465	2,380	2,316	2,320
Long-Term Investments	36	40	62	63	60	33	63	96	100	85	50
Goodwill	364	557	565	557	1,039	1,205	1,207	1,572	1,579	1,562	1,611
Intangible Assets	74	121	95	74	333	380	328	549	484	409	379
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	11	13	13	11	15	43	79
Other Noncurrent Operating Assets	11	8.80	6.20	15	170	181	192	238	202	217	201
Total Liabilities & Shareholders' Equity	1,029	1,351	1,406	1,454	2,371	2,696	2,863	3,475	3,403	3,549	3,590
Total Liabilities	388	654	601	519	1,287	1,425	1,447	2,268	2,076	1,930	2,368
Total Current Liabilities	304	295	323	363	496	627	784	883	881	967	1,053
Short-Term Debt	35	-	-	0.00	11	0.00	0.00	32	32	0.00	0.00
Accounts Payable	39	45	49	54	59	65	77	76	78	87	98
Current Deferred Revenue	141	165	171	196	250	307	377	456	518	541	586
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	0.00	31	24
Current Employee Benefit Liabilities	81	72	92	110	138	169	274	220	214	272	294
Other Current Liabilities	8.60	13	11	3.10	38	86	56	99	38	37	51
Total Noncurrent Liabilities	84	359	278	156	792	798	663	1,385	1,195	963	1,315
Long-Term Debt	0.00	250	180	70	502	449	359	1,078	940	699	1,073
Noncurrent Deferred Revenue	25	25	41	14	32	34	36	34	26	22	21
Noncurrent Deferred & Payable Income Tax Liabilities	20	38	24	22	95	109	102	63	36	28	27
Noncurrent Employee Benefit Liabilities	8.90	10	12	12	12	35	16	21	24	21	20
Other Noncurrent Operating Liabilities	30	36	21	38	150	172	150	191	169	193	174
Total Equity & Noncontrolling Interests	641	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619	1,222
Total Preferred & Common Equity	640	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619	1,222
Total Common Equity	640	697	805	935	1,084	1,271	1,416	1,207	1,328	1,619	1,222
Common Stock	576	584	601	622	655	671	689	758	789	823	870
Retained Earnings	739	862	959	1,115	1,218	1,389	1,527	1,535	1,611	1,909	2,206
Treasury Stock	-620	-668	-708	-727	-729	-767	-764	-987	-986	-994	-1,786
Accumulated Other Comprehensive Income / (Loss)	-55	-82	-47	-75	-61	-22	-35	-99	-87	-119	-68

This table presents Morningstar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,415	3,451	3,458	3,344	3,389	3,404	3,566	3,586	3,631	3,558	3,986
Total Current Assets	789	781	807	758	831	876	1,023	1,012	1,042	979	1,063
Cash & Equivalents	373	352	343	325	354	391	553	512	504	474	493
Short-Term Investments	34	33	35	39	55	48	49	48	38	40	39
Accounts Receivable	285	298	322	298	326	336	328	342	384	364	403
Prepaid Expenses	40	48	46	41	49	45	44	54	49	42	57
Current Deferred & Refundable Income Taxes	9.50	0.00	15	8.80	0.00	0.00	0.00	9.40	18	13	15
Other Current Assets	48	50	46	46	47	55	49	48	49	46	56
Plant, Property, & Equipment, net	188	202	206	204	211	210	212	222	226	226	235
Total Noncurrent Assets	2,439	2,468	2,445	2,382	2,348	2,317	2,331	2,352	2,363	2,353	2,688
Long-Term Investments	97	118	115	105	96	97	96	76	77	72	50
Goodwill	1,542	1,577	1,585	1,569	1,574	1,570	1,580	1,601	1,618	1,615	1,747
Intangible Assets	559	533	519	495	463	443	433	420	413	396	591
Noncurrent Deferred & Refundable Income Taxes	12	11	12	10	20	24	31	46	52	66	86
Other Noncurrent Operating Assets	229	229	216	202	195	183	192	209	202	204	213
Total Liabilities & Shareholders' Equity	3,415	3,451	3,458	3,344	3,389	3,404	3,566	3,586	3,631	3,558	3,986
Total Liabilities	2,236	2,246	2,222	2,100	2,006	1,970	2,001	1,977	2,016	2,044	2,968
Total Current Liabilities	806	844	815	810	847	837	896	912	921	946	1,031
Short-Term Debt	32	32	32	32	32	0.00	0.00	0.00	0.00	0.00	18
Accounts Payable	67	70	69	70	72	77	80	93	90	90	105
Current Deferred Revenue	425	502	506	487	565	548	540	595	594	564	669
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	47	8.00	9.60	43
Current Employee Benefit Liabilities	195	134	169	181	123	166	216	133	180	231	145
Other Current Liabilities	88	107	38	40	55	46	60	45	49	51	51
Total Noncurrent Liabilities	1,430	1,402	1,407	1,291	1,160	1,132	1,105	1,065	1,095	1,098	1,937
Long-Term Debt	1,126	1,099	1,121	1,023	917	900	865	804	839	849	1,695
Noncurrent Deferred Revenue	35	31	30	28	25	24	23	22	22	21	21
Noncurrent Deferred & Payable Income Tax Liabilities	73	66	58	52	33	30	30	30	30	27	22
Noncurrent Employee Benefit Liabilities	19	21	23	23	23	23	21	23	22	20	20
Other Noncurrent Operating Liabilities	177	184	175	164	161	155	166	187	183	181	179
Total Equity & Noncontrolling Interests	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609	1,615	1,514	1,019
Total Preferred & Common Equity	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609	1,615	1,514	1,019
Total Common Equity	1,179	1,205	1,236	1,244	1,383	1,434	1,566	1,609	1,615	1,514	1,019
Common Stock	739	772	775	783	808	807	810	848	853	861	893
Retained Earnings	1,563	1,511	1,532	1,555	1,658	1,709	1,812	1,968	2,038	2,111	2,294
Treasury Stock	-982	-987	-987	-986	-986	-984	-982	-1,105	-1,216	-1,387	-2,089
Accumulated Other Comprehensive Income / (Loss)	-141	-92	-84	-107	-97	-99	-74	-102	-61	-71	-79

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.78%	1.24%	14.16%	11.87%	15.60%	17.85%	22.30%	10.08%	8.98%	11.60%	7.49%
EBITDA Growth	53.96%	14.99%	-6.57%	18.09%	-6.63%	31.46%	2.28%	-20.39%	28.41%	71.16%	-0.26%
EBIT Growth	71.94%	16.74%	-17.76%	24.04%	-18.59%	39.62%	-0.81%	-38.44%	46.67%	125.21%	-0.26%
NOPAT Growth	77.72%	0.53%	-0.01%	32.36%	-14.85%	16.27%	13.53%	-50.61%	98.17%	102.56%	4.24%
Net Income Growth	69.60%	21.23%	-14.97%	33.67%	-16.94%	47.11%	-13.55%	-63.53%	100.14%	162.15%	1.16%
EPS Growth	72.41%	24.00%	-14.52%	33.65%	-17.18%	47.16%	-14.09%	-63.15%	100.61%	160.79%	3.38%
Operating Cash Flow Growth	76.79%	-11.51%	17.03%	25.87%	6.23%	14.92%	17.07%	-33.81%	6.25%	86.98%	-0.32%
Free Cash Flow Firm Growth	3,877.70%	-148.37%	299.34%	20.27%	-344.54%	124.21%	116.57%	-317.50%	133.72%	178.76%	-28.99%
Invested Capital Growth	-9.19%	53.93%	-5.46%	-4.20%	114.33%	4.63%	-4.72%	54.91%	0.27%	-7.18%	2.06%
Revenue Q/Q Growth	0.66%	1.35%	3.51%	1.96%	6.28%	3.58%	5.06%	0.69%	3.23%	2.35%	2.09%
EBITDA Q/Q Growth	1.90%	15.49%	-12.05%	1.62%	-0.78%	7.73%	3.10%	-7.55%	17.34%	10.19%	-1.06%
EBIT Q/Q Growth	1.48%	20.04%	-19.77%	2.74%	-5.38%	11.38%	3.90%	-17.19%	34.72%	13.95%	-1.20%
NOPAT Q/Q Growth	3.48%	5.96%	-2.16%	2.37%	-8.49%	14.79%	1.81%	-36.24%	74.95%	16.39%	-2.97%
Net Income Q/Q Growth	4.48%	25.78%	-18.66%	1.95%	-8.87%	27.12%	-8.86%	-43.01%	99.01%	13.29%	-0.48%
EPS Q/Q Growth	4.90%	26.10%	-18.46%	1.92%	-9.04%	27.59%	-9.37%	-42.25%	98.19%	13.19%	0.80%
Operating Cash Flow Q/Q Growth	-3.36%	8.98%	6.34%	6.75%	-6.38%	9.11%	4.97%	-9.81%	12.16%	2.71%	9.39%
Free Cash Flow Firm Q/Q Growth	-9.00%	-183.08%	369.16%	12.47%	-12.99%	-93.42%	117.08%	-18.02%	68.07%	20.04%	-0.79%
Invested Capital Q/Q Growth	2.54%	48.44%	-4.86%	-7.90%	-0.46%	381.18%	-4.55%	-1.45%	-1.10%	-2.99%	-3.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.15%	56.89%	57.60%	59.69%	59.02%	59.96%	58.90%	58.34%	58.62%	60.63%	61.03%
EBITDA Margin	32.56%	36.98%	30.26%	31.94%	25.80%	28.78%	24.07%	17.41%	20.51%	31.45%	29.34%
Operating Margin	24.16%	22.64%	18.62%	21.16%	16.08%	15.49%	15.12%	8.97%	11.31%	21.31%	21.53%
EBIT Margin	24.39%	28.12%	20.26%	22.46%	15.82%	18.74%	15.20%	8.50%	11.44%	23.08%	21.57%
Profit (Net Income) Margin	16.84%	20.16%	15.02%	17.94%	12.89%	16.09%	11.38%	3.77%	6.92%	16.26%	15.30%
Tax Burden Percent	68.56%	71.59%	75.59%	78.57%	76.57%	79.01%	77.17%	53.98%	77.74%	75.29%	74.99%
Interest Burden Percent	100.68%	100.13%	98.05%	101.66%	106.43%	108.68%	96.98%	82.14%	77.83%	93.55%	94.58%
Effective Tax Rate	32.37%	28.32%	23.69%	20.52%	22.97%	21.10%	24.99%	43.26%	18.18%	21.17%	24.35%
Return on Invested Capital (ROIC)	31.35%	26.08%	22.11%	30.76%	17.03%	14.19%	16.13%	6.41%	10.43%	21.89%	23.46%
ROIC Less NNEP Spread (ROIC-NNEP)	29.70%	7.79%	17.67%	27.07%	13.10%	295.12%	15.78%	-7.75%	1.64%	17.39%	14.76%
Return on Net Nonoperating Assets (RNNOA)	-10.84%	-2.00%	-3.88%	-9.72%	-1.97%	4.80%	-1.75%	-1.03%	0.70%	3.22%	2.89%
Return on Equity (ROE)	20.51%	24.08%	18.23%	21.04%	15.06%	18.99%	14.39%	5.38%	11.13%	25.11%	26.35%
Cash Return on Invested Capital (CROIC)	40.98%	-16.40%	27.72%	35.04%	-55.72%	9.67%	20.97%	-36.68%	10.16%	29.34%	21.42%
Operating Return on Assets (OROA)	18.87%	18.87%	13.40%	16.02%	9.75%	10.28%	9.29%	5.02%	6.78%	15.11%	14.78%
Return on Assets (ROA)	13.02%	13.53%	9.93%	12.80%	7.95%	8.83%	6.95%	2.22%	4.10%	10.64%	10.48%
Return on Common Equity (ROCE)	20.49%	24.07%	18.23%	21.04%	15.06%	18.99%	14.39%	5.38%	11.13%	25.11%	26.35%
Return on Equity Simple (ROE_SIMPLE)	20.74%	23.12%	17.01%	19.58%	14.03%	17.59%	13.65%	5.84%	10.63%	22.85%	0.00%
Net Operating Profit after Tax (NOPAT)	129	130	130	172	146	170	193	95	189	382	398
NOPAT Margin	16.34%	16.23%	14.21%	16.82%	12.39%	12.22%	11.34%	5.09%	9.26%	16.80%	16.29%
Net Nonoperating Expense Percent (NNEP)	1.65%	18.29%	4.44%	3.68%	3.93%	-280.93%	0.35%	14.16%	8.79%	4.50%	8.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.11%	8.20%	16.49%	17.36%
Cost of Revenue to Revenue	41.85%	43.11%	42.40%	40.31%	40.98%	40.04%	41.10%	41.66%	41.38%	39.37%	38.97%
SG&A Expenses to Revenue	13.58%	13.17%	14.24%	14.49%	17.87%	19.58%	18.74%	21.40%	17.45%	14.38%	13.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.99%	34.25%	38.97%	38.53%	42.94%	44.47%	43.78%	49.37%	47.31%	39.32%	39.50%
Earnings before Interest and Taxes (EBIT)	192	225	185	229	187	260	258	159	233	525	528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	257	295	276	326	304	400	409	326	418	716	718
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.17	4.28	4.88	4.82	5.80	7.64	10.24	7.51	9.14	8.91	7.30
Price to Tangible Book Value (P/TBV)	16.41	158.67	27.18	14.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.20	3.74	4.31	4.42	5.33	6.99	8.53	4.85	5.95	6.34	3.65
Price to Earnings (P/E)	24.98	18.53	28.71	24.63	41.34	43.46	74.97	128.60	86.03	38.99	23.83
Dividend Yield	1.01%	1.27%	1.00%	0.95%	0.76%	0.54%	0.37%	0.67%	0.65%	0.48%	0.84%
Earnings Yield	4.00%	5.40%	3.48%	4.06%	2.42%	2.30%	1.33%	0.78%	1.16%	2.56%	4.20%
Enterprise Value to Invested Capital (EV/IC)	7.83	4.80	6.49	7.55	5.45	7.90	12.22	5.35	6.97	8.62	5.49
Enterprise Value to Revenue (EV/Rev)	3.88	3.62	4.05	4.04	5.40	6.96	8.38	5.17	6.19	6.37	3.85
Enterprise Value to EBITDA (EV/EBITDA)	11.93	9.78	13.39	12.64	20.94	24.18	34.82	29.68	30.19	20.24	13.12
Enterprise Value to EBIT (EV/EBIT)	15.92	12.86	20.00	17.98	34.16	37.13	55.14	60.79	54.13	27.58	17.84
Enterprise Value to NOPAT (EV/NOPAT)	23.77	22.29	28.51	24.01	43.62	56.94	73.88	101.52	66.90	37.90	23.62
Enterprise Value to Operating Cash Flow (EV/OCF)	12.69	13.52	14.77	13.08	19.05	25.16	31.66	32.46	39.89	24.48	15.96
Enterprise Value to Free Cash Flow (EV/FCFF)	18.18	0.00	22.74	21.08	0.00	83.57	56.84	0.00	68.69	28.27	25.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.36	0.22	0.07	0.47	0.35	0.25	0.92	0.73	0.43	0.88
Long-Term Debt to Equity	0.00	0.36	0.22	0.07	0.46	0.35	0.25	0.89	0.71	0.43	0.88
Financial Leverage	-0.36	-0.26	-0.22	-0.36	-0.15	0.02	-0.11	0.13	0.43	0.19	0.20
Leverage Ratio	1.57	1.78	1.84	1.64	1.90	2.15	2.07	2.42	2.71	2.36	2.51
Compound Leverage Factor	1.59	1.78	1.80	1.67	2.02	2.34	2.01	1.98	2.11	2.21	2.38
Debt to Total Capital	5.18%	26.40%	18.28%	6.97%	32.14%	26.10%	20.24%	47.90%	42.27%	30.15%	46.75%
Short-Term Debt to Total Capital	5.18%	0.00%	0.00%	0.00%	0.69%	0.00%	0.00%	1.39%	1.40%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	26.40%	18.28%	6.97%	31.45%	26.10%	20.24%	46.51%	40.88%	30.15%	46.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.78%	73.56%	81.72%	93.03%	67.87%	73.90%	79.76%	52.10%	57.73%	69.85%	53.25%
Debt to EBITDA	0.14	0.85	0.65	0.21	1.69	1.12	0.88	3.41	2.33	0.98	1.49
Net Debt to EBITDA	-0.97	-0.32	-0.85	-1.19	0.28	-0.12	-0.61	1.84	1.16	0.09	0.69
Long-Term Debt to EBITDA	0.00	0.85	0.65	0.21	1.65	1.12	0.88	3.31	2.25	0.98	1.49
Debt to NOPAT	0.27	1.93	1.39	0.41	3.51	2.64	1.86	11.65	5.15	1.83	2.69
Net Debt to NOPAT	-1.93	-0.73	-1.82	-2.27	0.59	-0.28	-1.30	6.29	2.56	0.16	1.24
Long-Term Debt to NOPAT	0.00	1.93	1.39	0.41	3.44	2.64	1.86	11.32	4.98	1.83	2.69
Altman Z-Score	7.63	4.93	6.14	7.70	4.46	5.69	7.69	3.68	4.97	6.38	4.28
Noncontrolling Interest Sharing Ratio	0.09%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.60	1.64	1.66	1.22	1.17	1.13	0.92	0.93	1.05	0.99
Quick Ratio	1.27	1.53	1.55	1.57	1.12	1.07	1.04	0.82	0.83	0.94	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	169	-82	162	195	-478	116	251	-545	184	512	364
Operating Cash Flow to CapEx	421.47%	340.29%	375.53%	413.67%	418.00%	501.04%	441.95%	229.96%	265.66%	761.39%	474.04%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.67	0.66	0.71	0.62	0.55	0.61	0.59	0.59	0.65	0.69
Accounts Receivable Turnover	5.72	5.60	6.20	6.37	6.54	7.06	7.17	6.49	6.26	6.48	6.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.26	5.57	6.09	7.01	7.91	8.97	10.40	10.08	10.02	10.67	10.85
Accounts Payable Turnover	8.98	8.22	8.24	7.94	8.53	9.02	9.91	10.21	10.91	10.81	10.29
Days Sales Outstanding (DSO)	63.86	65.15	58.85	57.33	55.83	51.70	50.91	56.27	58.35	56.31	55.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.64	44.42	44.28	45.99	42.80	40.48	36.84	35.76	33.45	33.76	35.47
Cash Conversion Cycle (CCC)	23.22	20.73	14.57	11.34	13.03	11.22	14.06	20.51	24.90	22.55	20.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	391	603	570	546	1,170	1,224	1,166	1,806	1,811	1,681	1,716
Invested Capital Turnover	1.92	1.61	1.56	1.83	1.37	1.16	1.42	1.26	1.13	1.30	1.44
Increase / (Decrease) in Invested Capital	-40	211	-33	-24	624	54	-58	640	4.90	-130	35
Enterprise Value (EV)	3,063	2,889	3,695	4,118	6,370	9,669	14,242	9,665	12,623	14,484	9,411
Market Capitalization	3,312	2,983	3,930	4,507	6,284	9,717	14,492	9,066	12,139	14,422	8,917
Book Value per Share	$14.48	$16.18	$18.93	$21.91	$25.31	$29.68	$32.85	$28.44	$31.10	$37.74	$29.71
Tangible Book Value per Share	$4.57	$0.44	$3.40	$7.13	($6.75)	($7.32)	($2.77)	($21.51)	($17.22)	($8.21)	($18.68)
Total Capital	676	947	985	1,005	1,597	1,721	1,775	2,317	2,300	2,317	2,295
Total Debt	35	250	180	70	513	449	359	1,110	972	699	1,073
Total Long-Term Debt	0.00	250	180	70	502	449	359	1,078	940	699	1,073
Net Debt	-249	-94	-235	-389	86	-48	-250	599	483	62	494
Capital Expenditures (CapEx)	57	63	67	76	80	77	102	130	119	78	124
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-108	-127	-147	-157	-249	-361	-442	-454	-422	-504	-544
Debt-free Net Working Capital (DFNWC)	141	177	207	239	118	104	104	-40	-33	47	-15
Net Working Capital (NWC)	106	177	207	239	107	104	104	-72	-65	47	-15
Net Nonoperating Expense (NNE)	-3.90	-31	-7.32	-11	-5.96	-54	-0.52	25	48	12	24
Net Nonoperating Obligations (NNO)	-249	-94	-235	-389	86	-48	-250	599	483	62	494
Total Depreciation and Amortization (D&A)	64	71	91	97	118	140	151	167	185	190	190
Debt-free, Cash-free Net Working Capital to Revenue	-13.70%	-15.89%	-16.09%	-15.40%	-21.13%	-25.96%	-26.01%	-24.28%	-20.70%	-22.16%	-22.24%
Debt-free Net Working Capital to Revenue	17.81%	22.18%	22.66%	23.41%	10.04%	7.45%	6.13%	-2.12%	-1.62%	2.06%	-0.63%
Net Working Capital to Revenue	13.37%	22.18%	22.66%	23.41%	9.11%	7.45%	6.13%	-3.83%	-3.19%	2.06%	-0.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.00	$3.74	$3.21	$4.30	$3.56	$5.22	$4.50	$1.65	$3.31	$8.64	$8.93
Adjusted Weighted Average Basic Shares Outstanding	44.20M	43M	42.70M	42.60M	42.70M	42.90M	43M	42.60M	42.60M	42.80M	41.90M
Adjusted Diluted Earnings per Share	$3.00	$3.72	$3.18	$4.25	$3.52	$5.18	$4.45	$1.64	$3.29	$8.58	$8.87
Adjusted Weighted Average Diluted Shares Outstanding	44.30M	43.30M	43M	43M	43.20M	43.20M	43.40M	42.90M	42.90M	43.10M	42.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.91M	42.93M	42.50M	42.59M	42.85M	42.90M	42.96M	42.48M	42.73M	42.84M	39.58M
Normalized Net Operating Profit after Tax (NOPAT)	129	130	130	172	146	170	193	95	189	332	381
Normalized NOPAT Margin	16.34%	16.23%	14.21%	16.82%	12.39%	12.22%	11.34%	5.09%	9.26%	14.58%	15.59%
Pre Tax Income Margin	24.56%	28.16%	19.86%	22.84%	16.84%	20.37%	14.74%	6.98%	8.90%	21.59%	20.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.38%	23.54%	28.71%	23.28%	31.45%	22.99%	28.04%	87.23%	45.29%	18.73%	20.55%
Augmented Payout Ratio	98.42%	53.85%	59.61%	34.70%	34.67%	41.73%	28.71%	407.80%	46.28%	21.87%	230.87%

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	39,583,760.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	39,583,760.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.71
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.10%	13.41%	13.15%	13.31%	10.46%	9.71%	7.20%	5.81%	8.43%	8.48%	10.81%
EBITDA Growth	122.90%	71.45%	142.03%	60.45%	76.80%	44.64%	10.64%	15.78%	-14.24%	-5.27%	28.54%
EBIT Growth	756.10%	144.12%	539.61%	117.90%	129.06%	63.16%	15.63%	24.15%	-19.09%	-6.00%	36.52%
NOPAT Growth	222.30%	1,534.87%	195.14%	70.94%	87.36%	67.21%	21.96%	13.65%	2.37%	-9.08%	38.19%
Net Income Growth	534.44%	2,127.27%	944.74%	91.41%	206.14%	59.05%	22.27%	28.80%	-23.48%	-1.54%	36.43%
EPS Growth	533.33%	1,811.11%	927.78%	90.48%	204.40%	58.14%	22.15%	30.63%	-21.66%	2.57%	50.00%
Operating Cash Flow Growth	28.01%	33.14%	300.00%	523.27%	46.82%	11.32%	-2.78%	-35.17%	1.98%	32.99%	0.55%
Free Cash Flow Firm Growth	108.58%	111.77%	111.48%	220.60%	274.30%	252.19%	78.38%	-67.94%	-73.20%	-67.15%	-287.76%
Invested Capital Growth	-0.08%	0.27%	-0.32%	-5.24%	-5.37%	-7.18%	-2.73%	2.10%	2.53%	2.06%	20.90%
Revenue Q/Q Growth	2.14%	4.50%	0.76%	5.36%	-0.44%	3.79%	-1.54%	3.99%	2.03%	3.84%	0.58%
EBITDA Q/Q Growth	25.86%	26.97%	-1.75%	2.20%	38.68%	3.87%	-24.85%	6.95%	2.73%	16.77%	0.19%
EBIT Q/Q Growth	53.28%	45.01%	-3.24%	1.32%	61.12%	3.30%	-31.43%	8.78%	5.00%	22.75%	-2.63%
NOPAT Q/Q Growth	-0.44%	60.49%	-12.22%	21.87%	9.12%	43.23%	-35.97%	13.57%	-1.71%	27.21%	-2.68%
Net Income Q/Q Growth	8.31%	87.98%	-12.65%	7.63%	73.23%	-2.34%	-32.85%	13.38%	2.92%	25.66%	-6.95%
EPS Q/Q Growth	8.33%	89.01%	-13.37%	7.38%	73.13%	-1.81%	-33.09%	14.84%	3.83%	28.57%	-2.15%
Operating Cash Flow Q/Q Growth	433.47%	5.43%	-32.08%	63.14%	25.67%	-20.06%	-40.68%	8.79%	97.68%	4.24%	-55.15%
Free Cash Flow Firm Q/Q Growth	-11.16%	46.20%	1.30%	143.66%	3.72%	37.57%	-48.69%	-56.21%	-13.28%	68.62%	-393.22%
Invested Capital Q/Q Growth	-3.43%	-1.10%	0.90%	-1.67%	-3.57%	-2.99%	5.75%	3.21%	-3.16%	-3.44%	25.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.64%	61.87%	59.82%	61.06%	60.89%	60.71%	60.23%	61.89%	60.85%	61.13%	62.95%
EBITDA Margin	22.66%	27.53%	26.84%	26.04%	36.27%	36.29%	27.70%	28.49%	28.68%	32.26%	32.13%
Operating Margin	13.58%	17.52%	17.06%	18.97%	20.28%	28.46%	19.61%	20.67%	20.70%	24.89%	24.18%
EBIT Margin	13.62%	18.90%	18.15%	17.45%	28.24%	28.10%	19.57%	20.48%	21.07%	24.91%	24.12%
Profit (Net Income) Margin	7.58%	13.64%	11.83%	12.08%	21.02%	19.78%	13.49%	14.71%	14.84%	17.95%	16.61%
Tax Burden Percent	68.12%	81.40%	73.79%	77.21%	78.80%	71.76%	72.35%	76.39%	74.41%	76.28%	75.53%
Interest Burden Percent	81.77%	88.70%	88.32%	89.68%	94.47%	98.07%	95.26%	94.03%	94.62%	94.49%	91.19%
Effective Tax Rate	29.09%	15.61%	24.48%	21.45%	19.49%	20.81%	25.25%	22.58%	25.51%	24.12%	24.40%
Return on Invested Capital (ROIC)	10.38%	16.67%	14.79%	17.50%	20.37%	29.37%	18.82%	20.70%	21.05%	27.20%	23.35%
ROIC Less NNEP Spread (ROIC-NNEP)	8.68%	15.53%	13.73%	14.35%	27.46%	23.39%	16.60%	18.00%	19.37%	25.04%	21.70%
Return on Net Nonoperating Assets (RNNOA)	4.45%	6.63%	5.69%	5.50%	7.37%	4.33%	3.40%	3.44%	2.70%	4.90%	10.72%
Return on Equity (ROE)	14.83%	23.30%	20.48%	23.01%	27.74%	33.70%	22.22%	24.14%	23.75%	32.10%	34.08%
Cash Return on Invested Capital (CROIC)	5.97%	10.16%	13.83%	20.82%	23.95%	29.34%	24.82%	20.47%	20.90%	21.42%	3.03%
Operating Return on Assets (OROA)	7.96%	11.20%	11.15%	11.03%	18.17%	18.39%	12.99%	13.67%	14.17%	17.07%	15.98%
Return on Assets (ROA)	4.43%	8.09%	7.27%	7.64%	13.52%	12.95%	8.95%	9.82%	9.98%	12.30%	11.00%
Return on Common Equity (ROCE)	14.83%	23.30%	20.48%	23.01%	27.74%	33.70%	22.22%	24.14%	23.75%	32.10%	34.08%
Return on Equity Simple (ROE_SIMPLE)	5.70%	0.00%	15.39%	17.15%	20.85%	0.00%	23.88%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	50	80	70	85	93	133	85	97	95	121	118
NOPAT Margin	9.63%	14.79%	12.88%	14.90%	16.33%	22.54%	14.66%	16.01%	15.42%	18.89%	18.28%
Net Nonoperating Expense Percent (NNEP)	1.70%	1.14%	1.07%	3.15%	-7.08%	5.98%	2.22%	2.70%	1.68%	2.16%	1.66%
Return On Investment Capital (ROIC_SIMPLE)	-	3.46%	-	-	-	5.75%	3.53%	3.95%	4.03%	5.28%	4.31%
Cost of Revenue to Revenue	39.36%	38.13%	40.18%	38.94%	39.11%	39.29%	39.77%	38.11%	39.15%	38.87%	37.05%
SG&A Expenses to Revenue	17.40%	17.08%	14.79%	14.04%	13.63%	15.06%	13.15%	13.55%	13.91%	13.98%	13.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.06%	44.35%	42.76%	42.09%	40.60%	32.25%	40.63%	41.22%	40.15%	36.23%	38.77%
Earnings before Interest and Taxes (EBIT)	70	102	99	100	161	166	114	124	130	160	156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	117	148	146	149	207	215	161	172	177	207	207
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.97	9.14	9.50	8.81	8.72	8.91	7.97	8.20	6.45	7.30	6.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.02	5.95	6.25	5.82	6.14	6.34	5.54	5.64	4.08	3.65	2.66
Price to Earnings (P/E)	139.93	86.03	61.72	51.36	41.82	38.99	33.38	32.77	25.97	23.83	16.56
Dividend Yield	0.64%	0.65%	0.50%	0.53%	0.50%	0.48%	0.56%	0.55%	0.76%	0.84%	1.11%
Earnings Yield	0.71%	1.16%	1.62%	1.95%	2.39%	2.56%	3.00%	3.05%	3.85%	4.20%	6.04%
Enterprise Value to Invested Capital (EV/IC)	5.74	6.97	7.43	7.23	7.98	8.62	7.31	7.34	5.64	5.49	3.63
Enterprise Value to Revenue (EV/Rev)	5.32	6.19	6.46	5.99	6.22	6.37	5.62	5.74	4.19	3.85	3.11
Enterprise Value to EBITDA (EV/EBITDA)	29.49	30.19	26.98	23.21	21.28	20.24	17.77	17.84	13.83	13.12	10.22
Enterprise Value to EBIT (EV/EBIT)	60.70	54.13	42.95	35.09	29.99	27.58	24.04	23.84	18.78	17.84	13.71
Enterprise Value to NOPAT (EV/NOPAT)	97.44	66.90	54.95	45.57	42.09	37.90	32.68	32.89	24.43	23.62	18.10
Enterprise Value to Operating Cash Flow (EV/OCF)	37.25	39.89	35.14	25.24	23.99	24.48	22.06	25.15	18.60	15.96	13.22
Enterprise Value to Free Cash Flow (EV/FCFF)	96.10	68.69	53.69	33.80	32.39	28.27	29.04	36.22	27.35	25.87	131.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	0.73	0.69	0.63	0.55	0.43	0.50	0.52	0.56	0.88	1.68
Long-Term Debt to Equity	0.82	0.71	0.66	0.63	0.55	0.43	0.50	0.52	0.56	0.88	1.66
Financial Leverage	0.51	0.43	0.41	0.38	0.27	0.19	0.20	0.19	0.14	0.20	0.49
Leverage Ratio	2.79	2.71	2.64	2.57	2.46	2.36	2.33	2.31	2.31	2.51	2.88
Compound Leverage Factor	2.28	2.41	2.33	2.31	2.32	2.31	2.22	2.17	2.19	2.37	2.63
Debt to Total Capital	45.90%	42.27%	40.70%	38.55%	35.58%	30.15%	33.31%	34.19%	35.93%	46.75%	62.71%
Short-Term Debt to Total Capital	1.40%	1.40%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.67%
Long-Term Debt to Total Capital	44.50%	40.88%	39.33%	38.55%	35.58%	30.15%	33.31%	34.19%	35.93%	46.75%	62.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.10%	57.73%	59.30%	61.45%	64.42%	69.85%	66.69%	65.81%	64.07%	53.25%	37.29%
Debt to EBITDA	2.96	2.33	1.89	1.61	1.33	0.98	1.10	1.11	1.17	1.49	2.24
Net Debt to EBITDA	1.65	1.16	0.88	0.65	0.26	0.09	0.23	0.29	0.36	0.69	1.48
Long-Term Debt to EBITDA	2.87	2.25	1.82	1.61	1.33	0.98	1.10	1.11	1.17	1.49	2.22
Debt to NOPAT	9.79	5.15	3.84	3.16	2.63	1.83	2.02	2.05	2.07	2.69	3.97
Net Debt to NOPAT	5.44	2.56	1.80	1.27	0.51	0.16	0.42	0.54	0.64	1.24	2.62
Long-Term Debt to NOPAT	9.49	4.98	3.71	3.16	2.63	1.83	2.02	2.05	2.07	2.69	3.93
Altman Z-Score	4.13	4.85	5.32	5.30	5.62	6.05	5.44	5.53	4.50	3.94	2.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.93	0.98	1.05	1.14	1.05	1.11	1.13	1.04	0.99	1.03
Quick Ratio	0.82	0.83	0.87	0.93	1.04	0.94	0.99	1.01	0.93	0.87	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	51	75	76	185	191	263	135	59	51	87	-254
Operating Cash Flow to CapEx	446.08%	459.33%	274.49%	478.68%	531.58%	377.83%	282.61%	270.49%	549.72%	477.75%	241.42%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.59	0.61	0.63	0.64	0.65	0.66	0.67	0.67	0.69	0.66
Accounts Receivable Turnover	6.78	6.26	6.74	6.59	7.10	6.48	6.93	6.52	6.92	6.53	6.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.07	10.02	10.20	10.43	10.67	10.67	10.70	10.77	10.93	10.85	10.99
Accounts Payable Turnover	12.14	10.91	11.90	11.62	11.55	10.81	11.05	10.96	10.96	10.29	9.74
Days Sales Outstanding (DSO)	53.83	58.35	54.19	55.38	51.43	56.31	52.70	56.01	52.74	55.86	54.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	30.06	33.45	30.66	31.40	31.61	33.76	33.05	33.30	33.31	35.47	37.47
Cash Conversion Cycle (CCC)	23.77	24.90	23.53	23.98	19.82	22.55	19.66	22.71	19.44	20.39	16.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,831	1,811	1,827	1,797	1,733	1,681	1,778	1,835	1,777	1,716	2,149
Invested Capital Turnover	1.08	1.13	1.15	1.17	1.25	1.30	1.28	1.29	1.37	1.44	1.28
Increase / (Decrease) in Invested Capital	-1.50	4.90	-5.80	-99	-98	-130	-50	38	44	35	372
Enterprise Value (EV)	10,508	12,623	13,585	12,992	13,820	14,484	12,995	13,463	10,029	9,411	7,802
Market Capitalization	9,921	12,139	13,141	12,629	13,653	14,422	12,826	13,243	9,766	8,917	6,672
Book Value per Share	$29.17	$31.10	$32.37	$33.54	$36.55	$37.74	$37.56	$38.21	$35.90	$29.71	$25.74
Tangible Book Value per Share	($19.23)	($17.22)	($15.32)	($13.54)	($10.42)	($8.21)	($9.62)	($9.87)	($11.78)	($18.68)	($33.34)
Total Capital	2,300	2,300	2,333	2,333	2,430	2,317	2,413	2,453	2,363	2,295	2,732
Total Debt	1,056	972	949	900	865	699	804	839	849	1,073	1,713
Total Long-Term Debt	1,023	940	917	900	865	699	804	839	849	1,073	1,695
Net Debt	587	483	444	363	167	62	168	220	263	494	1,130
Capital Expenditures (CapEx)	29	30	34	32	36	41	32	37	36	43	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-383	-422	-393	-401	-475	-504	-459	-420	-481	-544	-481
Debt-free Net Working Capital (DFNWC)	-19	-33	16	38	127	47	100	121	34	-15	51
Net Working Capital (NWC)	-51	-65	-16	38	127	47	100	121	34	-15	33
Net Nonoperating Expense (NNE)	11	6.16	5.73	16	-27	16	6.79	7.86	3.60	6.00	11
Net Nonoperating Obligations (NNO)	587	483	444	363	167	62	168	220	263	494	1,130
Total Depreciation and Amortization (D&A)	47	47	47	49	46	48	47	49	47	47	52
Debt-free, Cash-free Net Working Capital to Revenue	-19.39%	-20.70%	-18.71%	-18.48%	-21.36%	-22.16%	-19.84%	-17.90%	-20.07%	-22.24%	-19.19%
Debt-free Net Working Capital to Revenue	-0.97%	-1.62%	0.76%	1.77%	5.71%	2.06%	4.32%	5.17%	1.41%	-0.63%	2.03%
Net Working Capital to Revenue	-2.60%	-3.19%	-0.77%	1.77%	5.71%	2.06%	4.32%	5.17%	1.41%	-0.63%	1.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.92	$1.72	$1.50	$1.61	$2.79	$2.74	$1.83	$2.11	$2.18	$2.81	$2.74
Adjusted Weighted Average Basic Shares Outstanding	42.70M	42.60M	42.70M	42.80M	42.90M	42.80M	42.80M	42.20M	42.10M	41.90M	39.10M
Adjusted Diluted Earnings per Share	$0.91	$1.72	$1.49	$1.60	$2.77	$2.72	$1.82	$2.09	$2.17	$2.79	$2.73
Adjusted Weighted Average Diluted Shares Outstanding	42.90M	42.90M	43M	43.10M	43.20M	43.10M	43.10M	42.50M	42.30M	42.20M	39.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.70M	42.73M	42.75M	42.84M	42.88M	42.84M	42.25M	42.18M	41.13M	39.58M	38.03M
Normalized Net Operating Profit after Tax (NOPAT)	50	80	70	85	93	133	85	97	95	121	118
Normalized NOPAT Margin	9.63%	14.79%	12.88%	14.90%	16.33%	22.54%	14.66%	16.01%	15.42%	18.89%	18.28%
Pre Tax Income Margin	11.13%	16.76%	16.03%	15.65%	26.68%	27.56%	18.65%	19.25%	19.94%	23.54%	21.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	89.14%	45.29%	30.67%	27.08%	20.83%	18.73%	18.61%	18.19%	20.03%	20.55%	19.19%
Augmented Payout Ratio	102.82%	46.28%	31.33%	27.08%	20.83%	21.87%	50.16%	75.90%	127.29%	230.87%	261.84%

Financials Breakdown Chart

Morningstar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Morningstar's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Morningstar's net income appears to be on an upward trend, with a most recent value of $374.20 million in 2025, rising from $132.80 million in 2015. The previous period was $369.90 million in 2024. View Morningstar's forecast to see where analysts expect Morningstar to go next.

Morningstar's total operating income in 2025 was $526.60 million, based on the following breakdown:

Total Gross Profit: $1.49 billion
Total Operating Expenses: $966 million

Over the last 10 years, Morningstar's total revenue changed from $788.80 million in 2015 to $2.45 billion in 2025, a change of 210.0%.

Morningstar's total liabilities were at $2.37 billion at the end of 2025, a 22.7% increase from 2024, and a 509.8% increase since 2015.

In the past 10 years, Morningstar's cash and equivalents has ranged from $207.10 million in 2015 to $502.70 million in 2024, and is currently $474.50 million as of their latest financial filing in 2025.

Over the last 10 years, Morningstar's book value per share changed from 14.48 in 2015 to 29.71 in 2025, a change of 105.2%.

Related Companies

Financial statements for NASDAQ:MORN last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Morningstar (MORN) Financials

Financials Breakdown Chart

Morningstar Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Morningstar (MORN) Financials

Annual Income Statements for Morningstar

Quarterly Income Statements for Morningstar

Annual Cash Flow Statements for Morningstar

Quarterly Cash Flow Statements for Morningstar

Annual Balance Sheets for Morningstar

Quarterly Balance Sheets for Morningstar

Annual Metrics And Ratios for Morningstar

Quarterly Metrics And Ratios for Morningstar

Financials Breakdown Chart

Morningstar Financials - Frequently Asked Questions

When does Morningstar's fiscal year end?

How has Morningstar's net income changed over the last 10 years?

What is Morningstar's operating income?

How has Morningstar's revenue changed over the last 10 years?

How much debt does Morningstar have?

How much cash does Morningstar have?

How has Morningstar's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools